Nigerian banks now mandated to open USD bank accounts for those receiving international money transfers
WorldRemit, a leading cross-border digital payments service, welcomes the Central Bank of Nigeria’s (CBN) announcement that all Nigerian banks will be mandated to facilitate money transfers by automatically opening US Dollar bank accounts for those who do not currently have US Dollar bank accounts. This development ensures that all international money transfers will be successfully processed even if senders enter Naira account details for transactions.
Further to this announcement, the CBN also stated that a $2,000 withdrawal limit will apply to these accounts. A number of analysts have described this recent development as a long-awaited and broadly welcome policy that will benefit both senders and recipients. The apex bank has said these changes will ensure that transactions do not fail due to a recipient not having a US Dollar bank account. It will also introduce transparency by guaranteeing that all recipients receive an exchange rate that reflects the market rate.
Speaking on this announcement Gbenga Okejimi, Country Manager, Nigeria and Ghana, at WorldRemit, said: We are very pleased by the CBN’s decision to mandate Nigerian banks to help citizens who do not have a USD account by automatically providing this facility on their behalf. This development will make all the difference to those who receive support from family and friends abroad. For our part, we are excited by the fact that we can continue to enable the transfer of remittances to more people across Nigeria whilst also supporting the Nigerian government in its efforts to strengthen the economy. When our founder came up with the idea to create WorldRemit, it was with the ultimate goal of ensuring that the diaspora community could send money back home easily and through a safe platform. I am proud to say that we are constantly evolving, innovating and adapting to ensure that our customers’ needs are met efficiently”
WorldRemit recently announced the expansion of its US Dollar payout option with nine of its existing bank partners. This development makes it an International Money Transfer Organizations (IMTO) with one of the broadest and largest USD payout networks in Nigeria.
Customers of FCMB, First Bank, Access Bank, Fidelity Bank, GT Bank and UBA can now also access USD payout through the bank transfer and cash pickup options. Those receiving transfers into Union Bank, Polaris Bank and Zenith Bank accounts can access USD payout only through the cash pickup option.
The pioneering fintech company continues to build new partnerships and develop methods to continue serving more people across Nigeria. This helps to create a pipeline for funds to flow into the country thereby improving socioeconomic outcomes and supporting the sustainable development of the nation. This announcement builds upon WorldRemit’s efforts to give Nigerian customers more convenient options through broadening cash pickup and bank transfer services, in line with relevant regulatory requirements.
WorldRemit has developed a Transfer Tracker App which allows recipients of money transfers to track their funds. The app is free to download through the Google app store in a number of countries including Nigeria. The innovative cross-border payments company continues to create opportunities for customers to support their family and friends across the world.